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On 22 March, Oesterreichische Kontrollbank (OKB) (AA+/Aa1) launched a minimum A$25 million (US$17.8 million) increase of its November 2028 Kangaroo bond, with indicative price guidance of 52 basis points area over semi-quarterly swap and 61.75 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to sole lead TD Securities.
On 22 March, Edith Cowan University (Aa2) revealed plans for a potential new Australian dollar denominated bond transaction. Commonwealth Bank of Australia and National Australia Bank have been mandated to arrange a series of investor meetings in Australia and Hong Kong commencing 28 March.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$25 million (US$17.8 million) increase of its June 2029 Kangaroo bond on 22 March. The forthcoming deal is being marketed at 42 basis points area over semi-quarterly swap, equivalent to 55.25 basis points area over Australian Commonwealth government bond. Pricing is expected on the day of launch, according to sole lead manager Nomura.
On 21 March, Columbus Capital (Columbus) launched its residential mortgage-backed securities (RMBS) transaction, Triton 2019-2. The deal has indicative volume of A$500 million (US$354.6 million) and the potential to be upsized to A$750 million, with pricing expected on or before 26 March. National Australia Bank is arranger and joint lead manager. SMBC Nikko, Standard Chartered and Westpac Institutional Bank are joint lead managers.
Industrial and Commercial Bank of China Sydney Branch (ICBC Sydney) (A/A1/A) launched a three-year floating-rate note (FRN) domestic benchmark on 21 March. The forthcoming deal has indicative price guidance of 104 basis points area over three-month bank bills and is expected to price the day after launch, according to joint bookrunners ANZ, ICBC, National Australia Bank and Westpac Institutional Bank.
Pepper Group (Pepper) revealed plans to bring a new prime residential mortgage-backed securities (RMBS) transaction on 21 March, with tranches in Australian dollars and in US dollars in 144A and Reg S formats. Citi, Commonwealth Bank of Australia, National Australia Bank and Standard Chartered have been mandated to arrange a series of investor meetings in the US during the week beginning 25 March and in the week commencing 1 April in Australia.
The individuals recognised as the KangaNews Market People of the Year in the KangaNews Awards 2018 were revealed for the first time at the KangaNews Awards Gala Dinner in Sydney on 19 March. The individual categories in the KangaNews Awards were open to participants across the Australasian debt markets.
To coincide with the launch of a new credit income trust by Perpetual Investments (Perpetual), Michael Korber, head of credit and fixed income, and Anne Moal, senior high-yield analyst at Perpetual in Sydney, share their views on the state of play in the fixed-income market. The new trust provides investors with monthly income by investing in a diversified pool of credit and fixed-income assets.
